Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,579/mo
Lowest payment- Down payment
- $97,085
- Funds due
- $107,752
- Interest + MI left
- $102,704
- First ends
- Mar 2052
Assumption
Assumption + second
$2,094/mo
+$515/mo- Down payment
- $33,085
- Funds due
- $45,018
- Interest + MI left
- $224,089
- First ends
- Mar 2052
New loan
New conventional
$2,583/mo
+$1,003/mo- Down payment
- $33,085
- Funds due
- $41,514
- Interest + MI left
- $447,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,915 | $230,915 | $294,915 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,097.43 | $1,097.43 | $2,041.93 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $58.98 |
| Taxes, insurance & HOA | $481.67 | $481.67 | $481.67 |
| Total housing payment | $1,579.10 | $2,094.06 | $2,582.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,085
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$45,018
Earnest money paid−$0
Remaining funds due$45,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,280.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,154.58
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$596.00
Initial HOA (3 months)$399.00
Prepaid interest, first (1 days)$19.61
Prepaid interest, second (1 days)$15.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 4 moOf the original 30-year loan at 3.100%
Interest already paid$35,372Through Nov 2026
Assumption only · ends Mar 2052$102,704
Assumption + second · ends Mar 2052, second Dec 2056$224,089
New conventional · ends Dec 2056$447,258